Austin among top luxury housing markets

Austin Business Journal - 11:12 AM CST Monday, February 5, 2007

Magazine to Austin: Welcome to the lap of luxury.

In its January issue, Unique Homes Magazine listed what its editors expect will be the top 25 luxury housing markets for 2007. Austin ranked No. 5 on the list, beating out places like Beverly Hills and Manhattan, which ranked seventh and 10th respectively.

"Lots of untapped potential for luxury exists in this Texas Hill Country city, which posted record gains for much of 2006," editors wrote in describing what helped Austin make the list. "The University of Texas, two lakes and the bragging rights to the 'Music Capital of the World' bring a mix of newcomers."

Housing has grown to a nearly $4.3 billion industry in the Austin metropolitan area, according to stats from research firm Residential Strategies Inc. Data from that company shows that one of the fastest growing segments of the market in recent years has been the $300,000 to $500,000 arena. Also gaining steadily is the $500,000 and over segment.